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If someone puts a bid on a short sale for less than asked and there are multiple offers- how does the bank

determine who gets the house?
Wed Apr 9 2008, 19:19 - Gaithersburg - Home Buying - 3 answers
 
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Barb
Home Buyer
in Maryland
Barb, Home Buyer in Maryland in Maryland
Answers (3)
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Patti Shawgo… was FIRST TO ANSWER
Barb, bank will review the offers, select the offer with less Risk, Contingencies, and closer to the asking price! Accept a counteroffer!

Reza,

Mon Apr 14 2008, 19:38
Web Reference: http://www.20878Homes.com
 
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In my experience the seller must choose the best offer and agree to the sale. It is then the homeowners obligation with their realtors assistance to contact the bank and submit the signed contract with other necessary paperwork. The bank will then determine if it will accept the terms presented to them. There are many variable that can come into this decision depending on the bank and the type of mortgage that the owner has.

Wed Apr 9 2008, 20:53
 
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FIRST ANSWER
The bank can choose which offer they like best, the same a seller would. Or they can choose no offer at all, if they feel the offers are too low. Which is not too uncommon, in my experience.

Beware the short sale is my personal advice.

Wed Apr 9 2008, 20:34
 
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